Buy Crude Oil Dec @ 5220 SL 5140 TGT 5300-5380. MCX - Kedia Advisory
CRUDEOIL
BUY CRUDEOIL DEC @ 5220 SL 5140 TGT 5300-5380. MCX
Observations
Crudeoil trading range for the day is 5117-5449.
Crude oil dropped due to higher crude inventories in the U.S., reinforcing oversupply concerns.
However, falls were limited by a tighter fuel market as a result of attacks against Russia's oil infrastructure.
Russia's Novak: Russia does not plan to voluntarily reduce oil output, sticks to OPEC+ agreement
Russia's Novak: Russia is steadily increasing oil output in November, growth slightly higher than in October
NATURALGAS
SELL NATURALGAS NOV @ 406 SL 412 TGT 400-394. MCX
Observations
Naturalgas trading range for the day is 376.2-420.4.
Natural gas gained as some forecasts shifted colder heading into early December.
Support also comes from expectations of the first storage withdrawal of the season after last week’s cold snap.
After several days of warmer revisions, the latest European model added heating demand for late November and early December.
Weather remains the key uncertainty for winter, with some long-term outlooks still hinting at a colder season.
